Reported Solvency II ratios, the ratio of Solvency II available capital to the Solvency Capital Requirement (SCR), are very strong for AM Best-rated European captives, ranging from approximately 160% to 240%, according to the ratings agency. Single entity risk carriers in Europe were required to disclose publicly a Solvency and Financial Condition Report (SFCR) as part of the Solvency II…
Ferma has issued draft guidelines for captive (re)insurance arrangements in order to ensure a consistent implementation of the Organisation for Economic Co-operation and Development (OECD) recommendations on Base Erosion and Profit Shifting (BEPS). The proposed guidelines are designed to support national administrations when transposing BEPS actions into their national laws. Ferma said its aim in publishing the guidelines is to…
Munich Re Group is reported to have established a protected cell company (PCC) in Malta. According to a report in the Times of Malta, the Munich Re PCC has received an insurance licence from the Malta Financial Services Authority. The Malta company was registered some weeks ago as a PCC writing insurance business. The Times of Malta report states: “The…
Independent insurance and reinsurance legacy specialist Compre is to acquire Equinox CA Europe, a captive insurance company of global engineering and construction conglomerate SNC-Lavalin. The Ireland-based captive insured the activities of SNC-Lavalin’s business in France from 2008 until December 2016, when the subsidiary was sold. The terms of the deal were not revealed and completion is subject to regulatory approval…
The Organisation for Economic Co-operation and Development (OECD) has moved closer to its goal of preventing base erosion and profit shifting (BEPS) by multinational enterprises, with the signing of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS. The OECD said ministers and high level officials from 76 countries and jurisdictions have signed or formally expressed their…
The use of captives is expanding as companies’ risk management strategies are becoming more sophisticated, tackling a range of new and non-traditional risks such as cyber, supply chain, employee benefits and terrorism, according to Marsh’s latest captive survey – Captives at the Core: The Foundation of a Risk Financing Strategy. The number of captives has grown every year for the…
The Bermuda Monetary Authority (BMA) has said that Brexit should not impact Bermuda’s ability to successfully negotiate with the EU on matters of regulation, and securing fair access to the EU market for the island’s insurance and financial services sector. Jeremy Cox, CEO of BMA, speaking to The Royal Gazette newspaper at the recent RIMS annual conference, said that while…
Companies spend four times more insuring property than cyber risks, despite the fact they now value cyber assets above those on the property and physical damage side, according to a survey and report from the Ponemon Institute. The 2017 Cyber Risk Transfer Comparison Global Report, sponsored by Aon, found that the majority of companies (59%) insure against plant, property and…
XL Catlin has added a specialist captive solutions underwriter to its structured risk solutions unit. Isa Ennadifi has been appointed as senior underwriter, structured risk solutions, based in London. She joins XL Catlin from Scor, where she was a captive solutions underwriter. XL Catlin’s structured risk solutions team is a global underwriting unit that provides XL Catlin’s clients with customised…
Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…